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Credit Suisse Considers Reducing Thousands Of Jobs Globally : Report

Credit Suisse Group (CS) is considering reducing thousands of jobs globally as the Swiss lender seeks to slash its overall cost base by an additional $1 billion, Bloomberg reported citing people familiar with matter.

The bank, which said last week that it would evaluate strategic options for the Securitized Products business, is mulling an aggressive plan to reduce its headcount, which stood at 51,410 at the end of June, the report said.

According to the report, the Swiss banking major is expected to finalize its plans over the next couple of months and is examining inefficiencies in the bank's middle and back office in addition to the efforts to reshape its investment bank. The plan may involve cutting several thousand jobs over a number of years. Still, no final decision has been taken.

Credit Suisse said last week that it appointed Ulrich Körner as Group Chief Executive Officer from August 1, 2022, replacing Thomas Gottstein, who was resigning.

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